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Tesla Motors vs. GM: Whose IPO Will Win?

(Story updated with GM update on international goals and analyst reaction to GM IPO)NEW YORK (
TheStreet) -- Two of the most widely discussed IPOs of late have been those of
Tesla Motors, which launches Tuesday, and
GM, which is slated for later in the year. Indeed, on Jim Cramer's Monday
Stop Trading! segment on CNBC, Cramer declared that "GM's a real business ... Tesla isn't."

Tesla's much anticipated, sleek, Model S electric car has lot to do with why investors are so enthused about the company. Deliveries for the cars are expected to begin in 2012 with a base price of $49,900 -- offering car buyers a chance at owning a beautiful piece of machinery for a far cheaper price than Tesla's $100,000 electric Roadster sports car.

While investors and car enthusiasts alike are eagerly awaiting the final product, analysts have reason to be skeptical about Tesla's ability to get the product to the market on time. Why? Because neither the purchase of the plant where the Model S would be made nor its final design plans are complete.

Furthermore, the unprofitable electric automaker's mere handful of dealerships -- next to the thousands that electric vehicle competitors like
Nissan(NSANY) and GM's Chevrolet have, combined -- has also been a cause for concern. As Cramer noted on
Stop Trading! Monday, "it's sold like 1,000 cars."

Meanwhile, GM, which is barely more than a year out of its government-backed bankruptcy, is expected to launch its IPO this year. According to
Reuters, GM's IPO could be one of the biggest ever in the U.S., raising as much as $20 billion and reviving consumer confidence in the company and its brands.

Reuters sources note that the GM's offering will probably result in a minority stake in GM for the U.S. government while allowing the company to raise new funds.

Currently, the Treasury has a 60.8% stake in GM stock after bailing out the automaker with $50 billion last year.
Reuters reports that the Treasury wants to sell roughly 20% of this stake in the sale.

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